ING Advisors Network
(formerly Aetna Advisors) is plugging into Prudential Financial's
managed account platform as a way to offer the product to its reps, according to a report published by Financial Planning
magazine. ING will use Pershing as the clearing platform for the new service.
The firm reportedly looked at a number of managed account platforms before selecting Prudential's. The platform will be offered through ING's broker-dealers including: Financial Network Investment, IFG Network Securities, Locust Street Securities, Multi Financial Securities Corp., Vestax Securities Corp. and Washington Square Securities.
The two affiliated broker-dealers that do not clear through Pershing (PrimeVest and Financial Northeastern) will not offer the program to their reps, according to the report.
"It's absolutely necessary as [reps] become more of a primary financial adviser to their clients," the publication quotes Jackie Figliola
, head of operations and products at ING Advisors Network, as saying. Figliola added that the Prudential platform will be the only managed account is offers that ties into its existing fee-based program. She cited Prudential's technology, research, and support as reasons for the decision.
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